The GPIF's investments in emerging market equities will be allocated from the foreign equities portfolio, with an asset size of around 10.9 trillion yen ($137.17 billion) or about 10 percent of the total portfolio as of December 2011.

The pension fund makes allocations in line with its model portfolio, which gives a weighting of 11 percent to domestic stocks, 67 percent to domestic bonds, 9 percent to foreign stocks, 8 percent to foreign bonds and 5 percent to short-term assets.